Hello. First of all, this is a great resource! You guys are awesome for providing this!
Ok, I'm in Tampa, have 8 rental properties and a primary residence, all underwater significantly, and am going through a divorce... I want to first focus on my primary residence which I want to keep and will be moving back into soon as my wife moves into one of our rentals.
Ok here's my deal on my primary residence:
1st Mtg: $160K @ 4.75% - $1450/mo PITI - Ocwen (as of last week...was BoA)
2nd Mtg: $116K @ 7.7% - $925/mo - Citi
3rd Mtg: $15K @ 3.75% - $53/mo - SunTrust - yes, I do have a 3rd mtg somehow :-/
Gross income: Mine - $6500/mo Hers - $3800/mo - but we're divorcing and it will be just me. Will that help with HAMP?
I'm ok with the first mtg...it was a recent 7-yr balloon extension. The problem is the second mortgage. I'd like to get a mod or a principle reduction under the 2MP program, but I first need to do a HAMP mod on the 1st mtg, from what I've read. I was late a few months on the first last fall during the balloon extension but all 3 mtgs have been on time, otherwise. Will that "help".
I don't think I'll be able to make the Citi payment this month. I don't know if this will help or hurt my case. Before I make this too long and boring, can someone give me a suggestion of where to start?
- Do I make too much for HAMP or does the 31% include all the mtgs...not just the first?
- If so, should I just try to ask Citi to do an in-house mod?
- If I default on the 2nd while I pay some back property taxes, etc, and try to work on a mod, can I assume that I won't get foreclosed on by Citi?
I hope I presented this clearly and didn't miss important details. I will be sure to update here with whatever comes of this mod. process. Just hope I can juggle all this stuff w/o losing a house :-/